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Topic: Richard Grasso

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		Grasso is embroiled in legal battle with Attorney General Eliot Spitzer, who filed a lawsuit against Grasso in 2004 seeking return of at least $100 million of the compensation.
		Grasso grew up poor in Queens, where his mother, a homemaker, refused to speak Italian in his presence because she wanted him to be an American.
		Grasso says he thinks the uproar over this pay package would have been avoided if he had taken his compensation as it was awarded instead of deferring payments into retirement funds to let the portfolio grow.
	www.theledger.com /apps/pbcs.dll/article?Date=20060910&Category=NEWS&ArtNo=609100331&SectionCat=&Template=printart (1098 words)

	Legal Affairs
		Grasso renounced his claim to the unpaid $48 million, but it was too late: Three weeks after the NYSE announced his big payday, he'd become a liability on the exchange's balance sheet, and its board of directors sacked him.
		Grasso was directly in charge of determining most of those targets, and, not surprisingly, during every year of Grasso's chairmanship, the exchange exceeded them substantially.
		Grasso comes off in the report as the epitome of greed, but it's Frank Ashen who is most closely tied to the specific deceptions that satiated that greed.
	www.legalaffairs.org /printerfriendly.msp?id=856 (2397 words)

	Grasso ordered to pay back up to $100M - Boston.com
		Grasso's claim for another $48 million from the exchange was also rejected in the ruling.
		Grasso's duty is to be fully informed and to see to it that the board was fully informed.
		Grasso has long argued the exchange's officers were aware of the package when it was approved.
	boston.com /business/articles/2006/10/20/judges_rules_against_grasso (668 words)

	USATODAY.com - NYSE faces Thursday without Richard Grasso (Site not responding. Last check: 2007-10-14)
		Grasso, who joined the NYSE in 1968 as a clerk making $80 a week, agreed to quit during a hastily arranged and often tense two-hour conference call with his board when it became clear he had lost the confidence of several prominent directors.
		Grasso's rapid downfall was a sharp turn of events for the 57-year-old, widely credited for management skills that helped burnish the Big Board's image as the world's leading stock market.
		Grasso, who came to personify the bull market and more recently some of the greed and excess of the 1990s, was the first chairman and CEO to come from inside the exchange.
	www.usatoday.com /money/markets/us/2003-09-17-grasso-meet_x.htm (1625 words)

	The winding road to Grasso's huge payday - Business - International Herald Tribune
		Grasso told Lipton that he worried that a less accommodating board might not support such a move, according to an account of the conversation that Lipton recently provided to New York State prosecutors.
		Grasso was concerned, he said, how a future board might respond if he needed access to his savings in the middle of a contract.
		Grasso was then invited into the meeting and, when asked by McCall about his decision to forgo the contract, replied that it was "up to the committee." McCall was then forced to present the board with a proposal he later told investigators he thought had been postponed.
	www.iht.com /articles/2006/06/26/business/web.0626grasso.php (3401 words)

	[No title] (Site not responding. Last check: 2007-10-14)
		Grasso that is impossible for the court to determine on this motion what Mr.
		Grasso’s duty is to be fully informed and to see to it that the board was fully informed.
		Grasso’s failure to disclose the amount of the SERP thwarted the (NYSE) Compensation Committee from performing its duty of care and obedience,” Ramos stated.
	www.wwltv.com /sharedcontent/dws/bus/stories/102006dnbusgrasso.132db63.html (553 words)

	Richard Grasso - Wikipedia, the free encyclopedia
		Richard A. Grasso (born 1946 in Jackson Heights, Queens, New York City) usually known by the nickname 'Dick', was chairman and chief executive of the New York Stock Exchange from 1995 to 2003, the culmination of a career that began in 1968 when Grasso was hired by the Exchange as a floor clerk.
		After the September 11, 2001 Terrorist Attacks, Grasso became the reassuring public face of the Exchange, and was praised for his role in helping restart operations.
		On 24 May 2004, Grasso was sued by New York state Attorney General Eliot Spitzer, demanding repayment of the majority of a nearly $140 million pay package.
	en.wikipedia.org /wiki/Richard_Grasso (947 words)

	Globeinvestor.com: Grasso told to repay NYSE $100 million
		Grasso, in a statement e-mailed by his lawyer on Thursday, said the ruling was "riddled with errors" and that he had instructed his attorneys to seek review from the appellate court.
		The ruling also said that Grasso had breached his fiduciary duties by failing to disclose to the NYSE compensation committee the amounts he was due under certain plans.
		Grasso, who has consistently denied any wrongdoing, sought $48 million in compensation, plus interest, that he said was still due him.
	www.globeinvestor.com /servlet/ArticleNews/print/ROC/20061019/2006-10-20T003130Z_01_N19254377_RTRIDST_0_BUSINESS-FINANCIAL-NYSE-GRASSO-COL (667 words)

	New York Daily News - Ideas & Opinions - Richard Cohen: Dick Grasso's supersized excess (Site not responding. Last check: 2007-10-14)
		Richard Cohen, a syndicated columnist for the Washinton Post, is a graduate of Far Rockaway High School and attended Hunter, NYU and Columbia.
		The critical difference between Grasso and his bosses is that he was running a nonprofit organization and his members, the banks and brokers of Wall Street, were not.
		As for Grasso, he was only playing the game he had been taught, couching excess and greed in fancy terms such as "change in control." He had invented nothing, created few to no jobs and produced little to no wealth.
	www.nydailynews.com /news/ideas_opinions/story/278645p-238736c.html (751 words)

	Richard Grasso Information
		Richard A. Grasso (born 1946 in Jackson Heights (Queens), NY).
		On May 24 2004, Grasso was sued by New York state Attorney General Eliot Spitzer, demanding repayment of the majority of a nearly $140 million pay package.
		Grasso went on to place a 1500-word editorial article in the Wall Street Journal, detailing this countersuit, as well as his grievances against Spitzer.
	www.bookrags.com /Richard_Grasso (714 words)

	Ex-NYSE chief is sued over high pay \| The San Diego Union-Tribune
		Grasso resigned as chairman and CEO last September amid intense criticism of his pay.
		Richard Grasso has received $139 million of his $187.5 million package.
		He also cited testimony from an unidentified director and compensation committee member, whose firm answered to Grasso in business on the exchange, and who said he was asked to meet with Grasso in 2001 after privately expressing concern over the extent of his 2000 pay.
	www.signonsandiego.com /uniontrib/20040525/news_1b25grasso.html (818 words)

	USATODAY.com - Grasso's pay beat his peers' (Site not responding. Last check: 2007-10-14)
		New York Stock Exchange Chairman Richard Grasso, under increasing pressure to resign over excessive pay, took in more salary and a larger bonus in 2002 than the high-profile CEOs identified as his peers by an independent NYSE pay consultant.
		Grasso received $8.5 million in salary and bonus in 2002, down from $15.1 million in 2001.
		As part of an extended employment contract, Grasso received $51.5 million for what the NYSE says were accrued pension benefits and $79 million in deferred pay that covers his 35-year career.
	www.usatoday.com /money/markets/us/2003-09-16-grassopay_x.htm (628 words)

	Grasso Resigns From NYSE
		Richard Grasso, the New York Stock Exchange chairman whose $140 million pay package outraged Wall Street, ran out of friends Wednesday night and was forced to resign from a post he held for eight years.
		Grasso stepped down during an emergency session of the NYSE board, at which an increasingly vocal group of angry directors decided the exchange couldn't withstand further controversy over Grasso's outsize payday.
		Grasso had hoped to mollify his critics at an NYSE board meeting he called for next week to discuss the controversy over his massive pay package and review the exchange's governance policies.
	www.thestreet.com /markets/matthewgoldstein/10114041.html (497 words)

	The Winding Road to Grasso's Huge Payday - New York Times
		Grasso's annual compensation at the time was about $12 million, on a par with the salaries of Wall Street titans whose companies the exchange helped regulate, he had accumulated $140 million in pension savings that he wanted to cash in — while still staying on the job.
		Grasso as a man who paid meticulous attention to every financial perk, from items like flowers and 99-cent bags of pretzels that he billed to the exchange, to his stubborn determination to corral his $140 million nest egg.
		Grasso's chief advocate, Kenneth G. Langone, a longtime friend and chairman of the Big Board's compensation committee, was less than forthcoming in keeping the exchange's 26-member board in the loop about how Mr.
	www.nytimes.com /2006/06/25/business/yourmoney/25grasso.html?pagewanted=1&ei=5090&en=bdec8363dba2e3d8&ex=1308888000&partner=rssuserland&emc=rss (931 words)

	Former NYSE Chair Responds to Spitzer Suit - Newsweek Business - MSNBC.com
		Grasso has maintained that he has done nothing wrong and that he was simply compensated for a job well done.
		Grasso's many supporters say that in light of his work for the exchange over the past 35 years, his salary was reasonable, but Spitzer has in recent weeks demanded that Grasso return a chunk of his pay, as much as $50 million.
		Grasso will argue that even when NYSE board members heard about the details of his pay package last year, they still unanimously approved the deal, including McCall who served as the compensation chief last year when Grasso received the money.
	www.msnbc.msn.com /id/5053375/site/newsweek (1340 words)

	[No title] (Site not responding. Last check: 2007-10-14)
		Grasso spent 30 years climbing the management ladder, working as a NYSE staff employee in marketing and customer service, before becoming the CEO and chairman of the NYSE in June of 1995.
		Grasso’s Pay Package and Resignation In August 2003, many questions about the corporate governance structure of the NYSE began to arise along with concerns about Grasso’s extremely large retirement package, which was disclosed on August 27th, 2003.
		Current Problems Since Grasso’s iron-fist was removed on September 17, 2003, the NYSE has seen a significant drop in trading volume (in August, the percent of the NYSE’s own companies trading with the NYSE was 80.2%, and in November it dropped to 78.5%).
	www.usd.edu /~alavin/412/topicreports/NYSE.doc (3152 words)

	NYSE pays out US $139M to Richard Grasso
		Richard Grasso, the chairman and chief executive of the New York Stock Exchange, was paid a lump sum of $139m in deferred compensation and his contract was extended to 2007, the NYSE said on Wednesday in an unprecedented move to disclose the compensation of its leadership.
		Mr Grasso’s compensation has been the subject of criticism since it was reported in May that he earned more than $10m in salary and bonuses last year.
		Mr Grasso’s previous contract was due to expire in 2005 and the move to renew it now could be seen as a vote of confidence from the exchange.
	www.professionalreferrals.ca /article-244.html (526 words)

	Online NewsHour: Big Board Ouster-- September 18, 2003
		Richard Grasso, New York Stock Exchange chairman and CEO, resigned late yesterday, after an emergency meeting with the exchange's board of directors.
		Grasso got too much money, but that he received the compensation from all of whose members came from the securities industry.
		Grasso occupies both roles-- chief executive and chairman of board-- he is inherently the imperial Caesar of the organization.
	www.pbs.org /search/redir/http://www.pbs.org/newshour/bb/business/july-dec03/grasso_9-18.html (1523 words)

	CNN.com - Calls grow for NYSE's Grasso to go - Sep. 16, 2003
		"Richard Grasso has lost the ability to implement needed reforms at the NYSE and to regulate and monitor its members and listed companies," New York State Comptroller Alan Hevesi said in a statement issued Tuesday.
		Grasso has come under criticism following disclosure of his $140 million pay package, which covers retirement and incentive benefits over his 36 years at the exchange.
		The stock exchange announced last month that it had extended Grasso's contract by two years, until 2007, and given to Grasso his savings account balance of $40 million, his accrued retirement benefit of $51.6 million, and his account balance of $47.9 million from prior incentive awards.
	edition.cnn.com /2003/BUSINESS/09/16/us.grasso (515 words)

	NYSE chair won't resign
		Washington - Richard Grasso, chairperson of the New York Stock Exchange, said he would not step down to end criticism that his pay is excessive.
		Grasso said he had committed to serve another four years as NYSE chairman.
		Grasso and Donaldson said that they spoke to each other on the sidelines of the conference, but said the issue of the pay package didn't come up.
	www.news24.com /News24/AnanziArticle/0,,1518-24_1414777,00.html (393 words)

	CNN.com - NYSE chairman Grasso resigns - Sep. 18, 2003
		New York Stock Exchange chief executive officer Richard Grasso has resigned his post after a special board meeting called to address the furor over his pay and retirement package, the exchange has announced.
		News of Grasso's controversial compensation package -- which extended his contract and included a lump-sum payout of $139.5 million dollars in deferred compensation and retirement benefits -- prompted calls for Grasso's resignation Tuesday from the managers of three state pension funds.
		According to the minutes, the committee's chairman, H. Carl McCall, "informed the committee that, as a result of calls he had received, Mr Grasso did not think it was wise to proceed at this time," the minutes state.
	www.cnn.com /2003/US/09/17/wallst.grasso/index.html (630 words)

	Richard Grasso Wedding Officiant - Fontana, CA - Officiants Listing and Reviews - Decidio
		Richard Grasso officiates weddings in Los Angeles, offering ceremonies in English, Spanish or French.
		Grasso issues the California Marriage License for wedding taking place in Los Angeles County.
		Decidio provides listings and unbiased reviews on Richard Grasso Wedding Officiant in Fontana, as well as other Fontana wedding ministers and Fontana notaries for your wedding, corporate event, or private party.
	www.decidio.com /local-businesses/v-52-officiants/california/Fontana/richard-grasso-wedding-officiant-43504.html (123 words)

	Pace Press - Behind the bull: Richard Grasso (Site not responding. Last check: 2007-10-14)
		Grasso's lump sum is a combination of benefits, savings and incentive awards accumulated over his 35 years at the NYSE.
		Grasso had been the mascot of the bull market and was even said to be the unofficial mayor of downtown Manhattan.
		Born in Queens, Grasso was raised by his mother and aunts after his father left the family.
	www.pacepress.org /home/index.cfm?event=displayArticlePrinterFriendly&uStory_id=a5075a3f-d9bc-4609-ae12-c5b24f733324 (500 words)

	Bloomberg.com: Exclusive
		Grasso, who was a Home Depot director from 2002 to 2004, said Nardelli almost doubled profit at the world's largest home-improvement retailer during his six years as CEO.
		Grasso said criticism of former Exxon Mobil Corp. CEO Lee Raymond was inevitable after he stepped down from the world's largest oil company with a $357 million retirement package.
		Grasso joined the exchange as a clerk in 1968 and rose through the ranks until he was replaced William Donaldson as chairman and CEO in 1995.
	www.bloomberg.com /apps/news?pid=20601109&refer=&sid=a99x8hE3dxzw (978 words)

	Grasso Agonistes - October 20, 2006 - The New York Sun
		Grasso appeals, are those portions of the retirement and deferred-compensation plans that the judge, Charles Ramos, concluded were not payback for the time Mr.
		Grasso deceived the exchange's board of directors in respect of his compensation, will have to go to trial.
		Grasso, not to mention the former chairman of the exchange's compensation committee, Kenneth Langone, was little else but political.
	www.nysun.com /article/41929 (646 words)

	Larry Kudlow on Richard Grasso, NYSE, on NRO Financial (Site not responding. Last check: 2007-10-14)
		Richard Grasso, CEO of the New York Stock Exchange, made the reopening of the U.S. stock market possible only six days after the terrorist bombings.
		Grasso, a 35-year veteran of the exchange, climbed through the NYSE ranks and was appointed chairman and CEO in 1994.
		Grasso also cites the helpful efforts of Treasury Secretary Paul O'Neill and SEC chairman Harvey Pitt, as well as the big brokerage firms that created a new spirit of cooperation during that fateful week.
	www.nationalreview.com /kudlow/kudlow031302.asp (737 words)

	Easterbrook
		Grasso had nothing to do with investor's perceptions about trends in tech equities.
		If Grasso hadn't been ashamed of what he was stealing, he would not have elaborately objected to having his numbers public: as pay numbers are public for CEOs of publicly traded companies, and are public for securities regulators.
		If Grasso keeps the loot, then he walks off chortling; the sense of punishment, based on headlines today reporting his humiliation, will be fleeting as he retreats to some villa in the Mediterranean and years of opulent luxury.
	www.tnr.com /easterbrook.mhtml?pid=725 (549 words)

	Ella T. Grasso Papers Open to Public
		Grasso (1919–1981), who earned both A.B. and M.A. degrees from Mount Holyoke, became the first woman governor of Connecticut and the first woman governor elected in her own right.
		Grasso also served in the U.S. House of Representatives from 1970 to 1974, and the bulk of the documents date from those years.
		Grasso began her political career working for the Connecticut State Department of Labor in 1942.
	www.mtholyoke.edu /offices/comm/news/grasso.shtml (487 words)

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